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Aug 3, 2009 7:00pm EDT
captioning sponsored by wpbt >> paul: two big developments for bank of america and embattled c.e.o. ken lewis. the bank settles s.e.c. charges it misled investors about bonuses for merrill lynch execs. and b-o-a hires one of the best- known women on wall street shaking up its top management. we get insight on both moves from veteran banking analyst dick bove. >> susie: cash for clunkers drives a rebound in auto sales giving ford its first positive sales growth in over a year. but the program's future and funding are still up in the air. >> paul: then the markets start the month on a tear with the s&p 500 pushing above one-thousand for the first time since last fall. how long will the rally last? some answers, coming up. >> susie: then, a problem at apple's core. google c.e.o. eric schmidt is stepping down from apple's board of directors. we'll tell you why. >> paul: i'm paul kangas. >> susie: and i'm susie gharib. this is "nightly business report" for monday, august 3. "nightly business report" is made possible by: this program was made possible by contributions to your pbs sta
Aug 4, 2009 11:00pm EDT
bank of america and wells fargo and u.s. bancorp endlessly on any dip over and over again. that's why i bought them for my charitable trust. i knew they had to come in. they could take all they wanted and they're doing it. oil and natural gas, down last week. what a chance to get in. even though the earnings were widely lambasted. you see, they had no choice. the big-shot money managers simply cannot catch a double-digit move from the sidelines. they can no longer hope that the market will come down because it's up too darn much. and most of them don't have the luxury of being up so much that they can leave the table. they're being forced back to the table where they have to place bets whenever any discount whatsoever occurs. and they know where they won't move the stocks with their aggressive buying. think back to bank of america, think wells fargo. oh, that's selling? they've got to hone every share they have. they can't afford to sell anything, they'll lose their exposure. they have too much buying to do here's the bottom line -- we are in self-fulfilling mode now. that's why i keep
Aug 3, 2009 12:00pm EDT
coverage in america. now, during the pontiac summer closeout. (tucci) count on the nation's fastest 3g network. at&t every head. every bite. every gallon. every shoe. every book. every cereal. well, maybe not every cereal. but every stem. every stitch. every tune. every toy. pretty much everything you buy can help your savings account grow because keep the change from bank of america rounds up every debit card purchase to the next dollar and transfers the difference from your checking to savings account. it's one of the many ways we make saving money in tough times a whole lot easier. and you know what, it works. nutrisystem for men: flexible new programs personalized to meet your goals. what's great about nutrisystem is you eat the foods you love and you lose weight. i'm dan marino. i lost 22 pounds on nutrisystem and i've kept it off for three years. for a limited time, get an extra three weeks of meals free! that's right, you can get an extra 21 breakfasts, lunches, dinners, desserts, and snacks. that's 105 meals free! i had awesome results. i mean, i lost 22 pounds, my goal was 20,
Aug 12, 2009 5:00pm EDT
manager john paulson has bought $2.7 billion worth of bank of america stock. b of a shares are up in after-hours trading. >>> house democrats are urging treasury secretary geithner who limit bonuses at firms that receive government bailouts. >>> michael jackson's estate has signed $80 million worth of deals since the singer's death according to the "wall street journal." >>> "fast money" with melissa lee starts now. being. >>> ben bernanke gives the market the best of both worlds. welcome to "fast money." live from the nasdaq market site. i'm melissa lee. a big, big show tonight. moments away rick stand telly with the fed's action today. theater shift, does this rally have him change his tune? >>> let's get to the word on the street today. a nice broad-based rally. it was so remarkable that even after the statement was released by the fed the rally strengthened. why? >> if you're bearish your's waiting for the possible correction and underinvested. think about this, if you're under ininvested you're waiting for a sign to get back in the marketplace. last friday, post unemployment 2:00 p.m.
Aug 3, 2009 6:30pm EDT
it fromank of america toy. the company dinot admit or deny the securities and change coission's charges, but a bank okesman called the settlemen a constructive cclusion. lel experts said it was worth noting the s.e.c. d not charge bankf america th fraud. finance professor james gel says a fraudharge would have trigged much stiffer pelties. >> the fact thatt was mislding and that they are not arresting people for secities aud shows that they may real think it was morof a paperwork error than an intentnal scam on the plic. >> reporr: regulators charge the documents bank oamerica sent to instors explaining its deal to buy merrillynch were false d misleading. that because bank of america said no bonuses would be paiat merrill witht b of a's approv. bank of amica did not disclose $5.8 blion in bonuses had, in fact, already been approvefor payment to mrill executives. members of congress ve spent many hours lookingnto charges ba regulators pushed bank of america ceo ken wis into a shotgun marriage with a falting merrill lynch. ngressional critic darrell issa says th settlement wraps up just o
Aug 13, 2009 12:00am EDT
him change his tune? >>> buying bank of america shares after the bell, your way to play along with this hedge fund king. >>> let's get to the word on the street today. a nice broad-based rally. it was so remarkable that even after the statement was released by the fed the rally strengthened. why? >> here's the challenge right now in the marketplace. if you're bearish, you're waiting for the possible correction and you're underinvested. think about this, if you're under invested, you're waiting for a sign. last friday, post unemployment 2:00 p.m., s&p 500 futures got below 1012. they still have not recovered yet this week. they tried again today late in the day, couldn't do so. rolled back over.. so again at some point all these people that are under invested are going to come in but it seems like everyone's waiting at the sidelines. i think we're in no man's land. >> this is a very difficult tape. we basically just got back what we lost yesterday. let's get ourselves on an even keel here. i still think we're going lower. everybody's saying the worst is over, this market's goin
Aug 5, 2009 12:00pm EDT
for growth and prosperity in the long run. these are the jobs futuring of america, renovating schools and hospitals. the elkhart area has seen the benefits. dozens were employed to resurface the runway at elkhart airport. a four mile stretch of highway is being upgrade order u.s. 33. the health center has received recovery dollars to expand services and hire additional staff. and as part of the recovery plan, we're making an historic amendment to innovation. building a new smart grid that carries electricity from coast to coast, laying down broad band lines and high speed rail lines, and providing the largest boost in basic research in history to ensure that american leads in the break through discoveries of the new century. just as we led in the last. because that's what we do best in america. we turn ideas ainto inventions. history should be our guide. the united states led the world economies in the 20th century because we led the world in innovation. today the competition is keen, the challenge is tougher and that's why innovation is more important than ever. that's the key to goo
Aug 13, 2009 5:00pm EDT
of the show, by the way. >> okay. sorry about that. sorry about that, america. i don't understand why the markets moved higher today given the retail sales numbers, given the foreclosure numbers that we had today. >> the world is out of recession according to jim o'neal, founding of the brick. france and germany broke out of recession. that's what i think people are excited about. we're actually getting some follow-through from the rest of the world. >> so this man declaring the global recession over, that's why we held on to these giains today? >> the market does what it wants to do. we've seen it do crazy things. i don't know that this means everything is great. it's over. although there was some positive data in some of the treasury stuff today. >> that's true. the options are over for this week. >> on the one given days, when we get that push to the down side, then suddenly the buyers all come back in. everybody who feels like they missed it -- i talked with scott wapner before the show and he talked about every time there is a sell had of o-off, the buyers. everybody who has miss
Aug 6, 2009 8:00pm EDT
are the russians parking their subs off the eastern seaboard of america. also, cnbc regular, top name on banking why the "g-men" ought to keep their mud hook off bank of america's ken lewis, we're back before you can say government gone wild! >>> all aboard the recovery train. dennis kneale is driving the recession out and driving profits back in. >> i am selling the hope, baby, i truly believe this recession is over. >> you want a little optimism to end your day? yeah. >> there's reason for hope. >> he's the real deal. he's dennis kneale. watch "cnbc reports" week nights at 8:00 eastern. >> it could be the most important indicator, jobs report. it seems like the world will never be the same. but there is a light beginning to shine again. the spark began where it always begins. at a restaurant downtown. in a shop on main street. a factory around the corner. entrepreneurs like these are the most powerful force in the economy. they drive change and they'll relentless push their businesses to innovate and connect. as we look to the future, they'll be there ahead of us, lights on, showing us the way
Aug 3, 2009 5:00pm EDT
going higher. including possibly bank of america and their settlement with the sec. psychologically that's important. the treasury announced their refunding next quarter which is $415 billion versus over 500. so it looks like the government is getting the deficit at least back under control. you have stories, a dollar that continues to weaken but it's orderly. people don't like that but the bottom line is this will allow commodities and a loft the risk assets and that tells you the risk trade is on. these are all part of the bigger picture. that's what's happening.g. >> you have to look at the fundamentals coming in. coming in this morning you had the chinese pmi looking phenomenal. >> i was up. >> that lent support to the overall market place.. then the ism number, erin, if there is any doubt that third quarter gdp will be positive, we will have growth, it's just a matter of how much we're going to have. it is fully represented in those ism numbers. we are working off inventories and clearly turning the corner from a recession into mild recovery. >> what gets the retail investor back in
Aug 6, 2009 12:00am EDT
. then anyone that had credit card exposure like a bank of america, even though it was stronger in the day, really caught more strength at the end of the day after these comments came out. that is a nice thing. that also is probably not bad news for capital one as well. >> she's had that cold. i've been wrong.g. american express, these are levels we're trading now. this is where we broke down from back in november. yeah, they said better things. 9.2% three weeks ago. two weeks ago they said 10%. marginally better. then you go to mastercard which traded to 209. huge volume. that's where we've tried to get you to go. i wouldn't say to buy mastercard either. i think the run there is over for the short-term. especially if this s&p which is trading around the november highs of 1005 breaks down. >> you look at bank of america. you look at wells fargo and you start to put together the asset managers. you look across the space right now. consumers, that's the exposure level. these stocks have been outperforming. the last two weeks. take a look at something like bank of america, citi, 25%. they're
Aug 14, 2009 3:00pm EDT
outs hopes of a little bit, put a bank of america intraday here because the financials are starting to move just in the last 15 or 20 minutes. you see that? the volume has picked up here too. a number of the other banks. i'm just putting up bank of america as an example. what's going on? well, there isn't any news out there. remember, though, we are going to get some delinquency data next week on credit card delinquencies. i've heard some hopes out there that maybe some of the trust data as it's called might show trends that are a little bit better than expected. again, there might be hope for a last hour rally. let's go to scott standing by at the nasdaq. >> bob, thanks. we're lower for the week. now we're lower for the month of august. today we're down by 1 3/4%. that translates to a loss of some 34 points. a broad-based sell-off throughout not only technology but elsewhere. i'll take you through that in just a second. chips, for example, they've been weak throughout the day. one of the weakest spots on the nasdaq today. philadelphia semiconductor index, the s
Aug 3, 2009 4:00pm EDT
things up. bank of america, $33 million to settle charges that they made false or misleading statements regarding bonuses paid to merrill lynch executives. and mary thompson's going to give you all the details on that in just a moment. on the cyclicals and the weak dollar, most of the major names are the highest levels since september or october of last year. all the big names were up 2%, 3%, 4%, even 6% or 7% here. auto storksz ford's at a new high. toyota's at the highest level since september.. the big car dealers like sonic automotive were up. again, the companies that have replacement parts are the ones that were down here today. finally, the defensive names looking very good here. excuse me. are the big laggards here as the people out there who are actively in the market want cyclicals, not defensive.e. there's the s&p 500 over 1,000 there for the first time since november. and as i said, 66 was the march 9th low. exactly 50% above that. melissa, back to you. >> yeah, ominous, but we don't mind now. thanks so much, bob pisani. a management shake-up and an s.e.c. settlement for ban
Aug 10, 2009 5:00am EDT
gallon "12 dollars per gallon will be a turning point in america. they will move out of the exurbs and move to higher-density, walkable communities." for some, leaving the single family home in the sububs for a more tightly packed apartment building may mark the end of the american dream. but steiner sees things differently. "the american dream is really about happiness. that isn't going to change. people will be surprise by how easily they can adapt from a single family home to sharing two walls in a town home." $14 per gallon at 14 dollars a gallon, steiner forecasts an end to big box stores like target and walmart. "when gas prices go pas $14 a gallon, the walmart model built on the price of cheap gas, the only reason it works because of cheap oil, will not be tenable." 80 percent of wal-mart's suppliers are from china and wal-mart by itself is china's sixth largest trading partner. the store imports goods from across the pacific on giant container ships powered by cheap gasoline. everything from kitchen utensils to sporting goods then makes its way across the country on a n
Jul 31, 2009 8:00pm EDT
in the future of america or you don't. you believe we in habit the best, most innovative freest nation on earth or feel we're headed for the trash heap of history. by now, you guys can guess which side i will take. let me invoke a fancy trade. a latin phrase. it means american peace. another translation, the greatest nation. pax romano applied hundreds of years ago when rome ruled the world. and pax applies today. no other nation on earth, military might, economic power, moral intent. we still invent the greatest new tech products on earth and over half the new prescription drugs introduced every year and culture and media and entertainment that shaped much of the world. some really smart people will tell you the 21st century belongs to china new york times city america. i don't buy it. china can trash our currency but still buy u.s. treasury bonds because they're the safest on earth. look how long china has to go. airports. china has 477.7. how much does the u.s. have? 14,000 airports in the u.s. to ship products around the entire country. let's look at roads. china has 1.2 million roads. how
Aug 3, 2009 3:00pm EDT
doing well.. bank of america announcing a $33 million settlement with the s.e.c. over allegations about how they reported the bank of america merrill lynch bonuses deal. that stock is trading up. a brilliant series of commentaries in the middle of the day from bank of america on the cyclicals. the weak dollar you see here. breakout. these are essentially new highs going back to september or october for most of the major cyclical names here. on the autos, ford's at a new high, toyota motors also at the highest since september. and even the car dealers are doing better today. look at sonic automotive. all the car dealers are up. you know what's not doing well in the auto group? anything that's like those replacement parts like auto zone. they were doing better when the sales were terrible. now sales are doing a little bit better they're a little weaker here today. take a look at the defensive names.s. the only groups holding back here is your classic pepsis and colgates, your heinzes as well. we had comments from clorox this morning that were a little disappointing. finally, here's the b
Aug 3, 2009 7:00pm EDT
gainer, 7%, of course that commodities play is in full force. bank of america. how about the day bank of america. they settle a dispute for $33 million, they're wondering what the secession, the plan, they were the number two gainer, up 3.6% up on the day and then we get ford, on any day these would be leaders, they had the first uptick, up 4%, but i want to point out to the year-to-date on february the 20th, this stock traded $1.58.8. here at the nasdaq, we focussed all day on apple and google, google ceo eric schmidt out on the apple board. investors bullish on this side of the equation. people are betting on which company they think is going to succeed moving forward.d. but this will take the gloves off of competition, folks, and probably going to see innovation. people excited about this conversation today. i do want to touch on a couple of names, starting with anadarko petroleum. we'll get some answers and go inside these results. that was a beat, actually, and we'll find out what things, what's going on. we talked about housing, as well, construction spending was up, part of the
Aug 31, 2009 1:00am EDT
, and now weave citigro, bank america, these large, massive commercial banks with massive deposits -- you have to remember, an investment bank like lehman brothers doesn't take in deposits. it invests money around the world and sells stocks and bonds, about it doesn't have people'soney in the bank the way bank of america and citigroup do. they have over a trillion dollars of real money in those banks and those are savings accounts and checking accounts, paychecks from hard-working people, and what we started to see in 2004 and 2005 a 2006 on the trading floor of lehman brothers was a very clear increase in leverage. lehman brothers was incasing our debt to try to compete with the big boys, and we got deeper and deeper and deeper involved into businesses and into investmes that were very, very difficult to move as the years went on, and lehman got deeper and deeper into the storage business. in writing this book, i reached out to so many people. 150 people up and down the firm. and i will never forget in those days in september, october, and november, and especially december, when people f
Aug 19, 2009 4:00am EDT
is the biotech company up by around 2% and that's after analysts at bank of america and merrill lynch upgraded that stock to overweight from underweight and increased the company's price starting. we are watching ubs. that stock is lower, in line with the rest of the financials here in zurich. we are expecting the deal with the u.s. to be signed in washington later on today. that's when we may get some more details out on the settlement and sales including how many client names will be handed over to the u.s. authorities. there's a possibility of when the swiss government will sell its stake in ubs. ubs authorities have said they're preparing criminal investigations into 150 ubs clients in the u.s. and the wall street journal is reporting that up to 10 swiss and european banks among them. chris swiss and julius bear were identified in the ubs tax probe. that's after ubs clients in the u.s. have come forward and disclosed their ubs accounts, also other foreign accounts and they have said that they're with either credit suisse or other banks. but that doesn't necessarily mean that those banks wi
Aug 4, 2009 3:00pm EDT
this company has seen. they're based in montreal, operations all over north america. it's a paper and wood company. highly cyclical. less worse than expect results, one of the top five performers in the russell 2,000 right now. the stock's up 23% today, up 60% since earnings season started a month ago and the company is saying they're having lower input costs and better cost controls. that is helping things out. dom tar, the former dominican tar and chemical with a big, big rally today. yeah, it's down but up from the bottom. back to you. >> thank you, matthew. franklin mutual advisors ringing the closing bell today in honor of the 60th anniversary of their mutual series groups, one of the oldest mutual funds out there. the group an's flagship here it, mutual funds outperform the s&p up nearly 26% over that period. joining me chairman and ceo of franklin mutual advisors peter langerman. more importantly, what was the last -- the first mutual funds came out in the 1930s. >> we were one of the first and i think the interesting thing for us, we are our 60th industry and basically doing the sa
Aug 5, 2009 12:00am EDT
, you've got some pretty big real estate portfolios out there that would -- and bank of america, for example. >> i was going to say, who are some of the biggest asset managers out there now? and it's bank of america, wells fargo. talk about exposure right now on the real estate market. those are some of the names outperforming right now. that's why i think you're seeing those move up while goldman sachs is lagging back a little bit after the big move made after -- >> my guys are looking at bank of america. i said it last night, over xlf now. >> absolutely. >> a true barometer of the market these days. bank of america. watch that and you'll see the market. >> it's the entire financial space. bank of america yesterday digested all that bearish news and moved significantly higher. i slightly disagree on goldman sachs. it's hanging in there well. >> oh, yeah. >> right now, when the capital markets look like they're healing, that benefits names like morgan stanley, goldman sachs, because they are the winners in the consolidation space in terms of trading revenue. the entire financial
Aug 10, 2009 7:00pm EDT
turf or concerned citizens, trying to save america? and eric pelosi and the interior democratic congress. 550 million bucks. that's why republicans are smiling. fasten your seat belts, everybody. "the kudlow report" begins right now. of. . >>> i'm larry kudlow. welcome back to the kudlow report, where we believe free market capitalism is the path to prosperity. there is a lot of talk of big government savoring america, or from a health care meltdown according to president obama. well, i really don't think big government saves us from anything. at the end of the day, economic freedom, market competition, and free enterprise are the greatest engines for growth. we'll have these debates tonight on big government and health h care, but i want to weigh in on the new bull market and the new economic recovery. the single-greatest source of stimulus, for both the bull market and the recovery in the economy is profit. profits are the mother's milk of stock, business, and the economy. and if the positive profit story continues, as i believe it will, then investors are going to be just fin
Aug 10, 2009 11:00am EDT
to tell you people in america no one realized income went up, millions of them. they have got money to spend. we'll tell you how they are. >> street signs, 2:00, be there. >> news now. >>> down market after the food company raised starting outlook for the year on better than expected sales. price sales are also jumping as its earnings were also better than forecast. boeing got $1.2 billion contracts from the canadian government for 15 new chinook helicopters. cnbc news now, i'm courtney reagan. >>> good morning and welcome to the call. 90 minutes into trading on the floor, the new york stock exchange. we're watching the market trying to move its way back to the flat line, down seven points on the dow. we're going to talk about coming up in this hour whether or not the amount of consumer debt could derail a recovery in the stock market. happy monday, larry. >> thank you. i'm larry kudlow.. paul krugman going at it again. he's arguing big government saved the economy and budget deficits are good. he's calling for a second stimulus. in our call of the wild we're going
Aug 21, 2009 2:00pm EDT
country in north africa. it is arab and muslim, but a friend of america for a few reasons. gaddafi does not support radical and it is pan am story matters so much now. they admitted guilt for bombing of the jet. goldman sacks is among the banks doing business there. they advise the libyan government on issuance. the fact is that american companies are able to operate after decades of sanctions. the company we visited there in libya and the project to overseat road trukz is the biggest and the biggest infrastructure project in all of africa and for america's oil giants, libya is the mother lode. there is more oil there than anywhere else on the continent it is the crude that america needs. that's in contrast to saudi arabia. we can show you on a map where the big oil companies are. these are the bases. british petroleum and american. royal dutch shell and up here where exxon-mobil has a lot of tracks. 2.5 million acres and over here, british petroleum and 40 oil giants from all over the world in libya. for more on the story and particularly this oil angle of it where so many of the victi
Aug 6, 2009 2:00pm EDT
. if you take city and bank of america, the 25% of the entire volume for the stock exchange today. this you warned was going to happen. you were watching city. the scale of it is pretty incredible. >> 2.8 billion shares of city traded yesterday. not all that was traded on the new york stock exchange. that's the close of the fact that the fact that city increased its waiting. when you are dealing with a stock that was a $20 stock, you get 10 times the volume to get the normal price volume action. >> fair point. what about you, brian? the nasdaq is lower there too. >> i wanted to bring in highlights of sector. the trade has been when oil has been up and alternative energy has been up and thinking expensive oil is there elsewhere. solar is interesting. canadian solar is a chinese company. forget about the name and the address. it's up 18% and the rest is mirroring the oil trade. why is it up 18%. it had earnings sequentially and up 131%. they took the margin from minus 10% to plus 15%. this is the key as this sector begins to mature. they came out and said we are learning how to manage invento
Aug 20, 2009 2:00pm EDT
surging? the incoming ceo in america is the largest prison company in the nation. good to have you with us and appreciate you taking the time. what is your view on why costs are rising so quickly? >> thank you so much for having me on. it's an honor. the big challenge for california, they are dealing with the cost of operating within state, but also the rising cost of medical services and rising cost of construction services. the high cost to operate in california. all the issues compound on the fact that they are severely overcrowd is creating issues for them. >> and california has a lot of problems, including a decision they made a while back to put people in jail for even minor infractions. other states have problems as well. on average, one in every $15 is going to prisons. obviously you are in the business of running prisons. if you are able to run more prisons as a public company, would you be able to cut costs as opposed to state-run prison? >> one of the key things we are able to offer to california is it's expense testify build a prison. you have real estate that has a 57-year liv
Aug 27, 2009 12:00pm EDT
out of the limb, so we were playing a bank of america, which turned to be farther out of the limo owe. >> so john, paulson takes 2% of citi, but you think b of a is a better reward. >> well, paulson plays a little different game than we do. i believe he also owns bank of america. but at this point, where the survival is in much less doubt, you go farther out on the limb. and every investor, ourselves included, you get to choose how far on the limb you want to go, and we think citi is farther out on the limb and we're quite comfortable with b of a. >> what about peter's point that the search for yield is on, and perhaps risk has been repriced as a result of people will to go take the bet in the financials, ron? is that a bullish sign for you, longer-term or no? >> well, we think that's true. that's an entirely different point of view than mr. paulson would have. you know, so everybody gets to take their choice in here. and we do think that there's going to be a move. we think that since september, people are saving about 5% of their income, and so -- and much of it has been placed in t
Aug 12, 2009 7:00pm EDT
market, too. of particular focus, john paulson picking up 168 million shares of bank of america as of june 30th, more than a $2 billion stake. you do see the stock up in the after market, paulson also reporting new holdings in regions financial, goldman and state street, based on an sec filing, larry. what we don't know, if he's still holding onto these stocks because the sec filing relates back to his june 30 standing. we don't know that yet, larry and don't know whether he's short other stuff in the market. obviously, this is a guy who knew or could foresee a financial crisis coming and shorted lot of financials back in the day. >> dick bove told us he likes citigroup but paulson went for bank of america. they're both partly government owned. >> they're both partly government owned. some people might say maybe one is more owned by the government than the other. >> paulson is a smart guy. interesting play. thank you, rebecca jarvis. >>> let's dive into our speed trade. jim yoeurio, director of institutional services. thank you for being here. >> thank you for having me. >> let
Aug 17, 2009 7:00pm EDT
?? >> i really do. i think we've gotten to a right size in corporate america.a. we have cut costs to the bone. i think any top line revenue growth will be a driver for growth in the s&p 500 and all of corporate america. i think three different places right now. energy is going to be a winner.. it's going to be a winner on three fronts, not the least of which is the short term, middle term and long term demand is going to be the picture there, and we'll see inflation in 2010. some companies to stay away from, the worst is mind because of how bad that gets. i think health care investments comes back, and look at technology as a consolidating sector. the bottom 90 companies in technology, and pay consolidation, and ratio in technology. >> ron shaw, i think you would disagree on energy with art hogan, would you not? >> i believe energy, is a good sector, but we look at service companies, we like, for example, transformer businesses, manufacturing companies that support the energy industry. but we do not believe in the commodity sector or the energy industry. >> and art, you're nodding
Aug 5, 2009 2:00pm EDT
. our parent ge paid a fine on accounting fraud, k-mart and bank of america on misleading investors. will we see headlines like that, will you work with criminal authorities in those sorts of cases? >> we will work with criminal authorities in those cases as well. we have aggressive new enforcement director it sec who made a priority for us to be strategic in our cases much faster in our cases and seen that in the last couple of weeks, i think. and bringing the case that's have the biggest impact, the highest likelihood of protecting investor and stopping ongoing fraud and problems. and that's the path we're on. >> we've seen the stories of the meeting you were at, timothy geithner, ben bernanke, were all there. are you going to all get to the same place on whether the fed will be the ultimate top dog or everybody at the table, the council of regulators is there going to be a united front here soon. >> at the end of the day it's congress's call what the legislation looks like. there's far more agreement than there is disagreement among the federal regulators, absolute commitment acr
Aug 9, 2009 2:30am EDT
report" begins right now. >> this is america's number one financial news program. "the wall street journal report." now, maria bartiromo. >> now here's a look at some of the stories in the headlines this week. >> here's a look at what's making news as we enter a new week on wall street. for the first time since april of 2008, the unemployment rate actually fell. the jobs report for july was released on friday and it showed the economy lost 247,000 jobs. better than what many economists had expected. the unemployment rate dropped to 9.4 percent. the better than expected report is a strong signal the recession is ending. monday the s&p 500 closed over 1,000 for the first time since november, the nasdaq over 2,000 for the first time since october. the markets were flat mid-week. and rose on friday. with a helping hand from the cash for clunkers program vehicle sales in july got a boost. ford up 2%, the first year over year increase since last august. gm, chrysler and toyota were down. several dow components reported this week. kraft, crocker and cisco beat analyst estimates. the u.s.
Aug 7, 2009 7:00pm EDT
in large names. bank of america up all day, a group at the close and so did citigroup and others as well. and classic cyclicals, railroads strong, ryder and the trucking group. finally, the major industry, dow up 2% but transports outperformed everything. >> thanks very much, bob pisani. we have walter myers, jim eurieio, option contributor and director at tjm institutional services. thank you very much. jim, let me start with you. another rip roaring triple digit day, what do you make of it? >> today's a huge day. as you said before, it was kind of decoupling of the weak dollar strong stock market trade, like the currency market is letting loose of the currency market on its own to see if it can fly and it did fly. there's been so many people shorting the dollar so long now that we started this move high owner the dollar perhaps we will see some shorts take on some heat and see a little bbit -- >> tell me about short the dollar. this is such an important theme. we talked about it on this program last night. i did argue with my great friend, rick santelli a strong jobs report would contr
Aug 11, 2009 7:00pm EDT
improvement in the second half. bank of america, travelers, chase, american express, ge were all under pressure. shares of cit said it would file for bankruptcy if it couldn't secure reliable debt financing. we had energy shares weaker as well. oil prices tumbled below $70 a barrel. retail stocks held up well after earnings reports due out later this week, target, wal-mart, the gap all posted gains, so did macy's which releases its quarterly report before tomorrow. >> sharon, thanks. you used to cover the energy beat, you still cover the energy beat carefully. energy stocks are in their own pullback. do you have any thoughts on that. >> we are in this range we've been in. we could see a pull back to mid-60s or $62 a barrel or so. there is this concern are we in a recovery and if so, what does that mean for energy demand? we're not seeing that. we're seeing a lot of increases include supply, and that's what we're expecting tomorrow when the energy department reports. >> they report the energy tomorrow. you bull or bear on energy prices? i hate to put anybody on the spot but you know the
Aug 18, 2009 2:00pm EDT
means for health care trading. america is starting to create jobs. but are they the ones that get workers into the middle class and get them spending again? the future depends on the answer for that. we will be back. we are going to have breaking news in a couple of moments. we are waiting for that. something from the auto industry and as soon as it crosses, we will have it. america weighing in on the health care reform debate. it heated up over the last month. we are well aware of that and most people are split when it comes to the public option and whether that is a public option or just the first step towards something a lot bigger. in a new poll, we asked whether you would favor or oppose creating a public health care plan that would compete with the health insurance companies we have and the results are consistent over the past month. 43% favor the option and 47% oppose it. 10% still not sure. what will it take to get health care reform passed. jane wells got insight from chuck grassley. she really the chief voice on the republican side. what can he you? >> he told me we may
Aug 14, 2009 2:00pm EDT
of america is up 5/10 of 1%. some people thought we may never see that level again. coca-cola, 2/10 of 1%. we asked which came first, chicken or egg. the same is true for inflation. income and buying power or prices and pricing power? the answer could have major implications for recovery or relapse. steve leesman is the economic reporter and the hudson institute. president and economic advisors are here to tackle that question. steve leesman, something you said this morning got me interested in the topic when you said sure, consumer prices are out and they are zero, but before you celebrate, think about what that means. >> some are under extreme pricing pressure and some have pricing pressure. you don't get there by having everything at zero. you have severe declines and deflation or disinflation presents a challenge for investors and i wrote down a lunch of things. the first is obvious. you have no pricing pressure. one reason you might like to have that pricing is if prices are going up, you can rate them like being in a crowd. your debt becomes a huge burden with cost cutting. bonds can lo
Aug 28, 2009 2:00pm EDT
and bank of america has positive comments. they had the idea that they compete in the analog with texas instruments. sales will continue here as chip sales improve in 2010. here's a stock at a multimonth high. the big names like the semiconductors are doing well. asml which is a semiconductor. and that stock is hitting a new 52-week high. that's the highest level in a year. capital spending is looking up and for the last month or so that is reflected in the price of the stock of the other big names. rick, good to be with you by the way. you are looking terrific as always. how is it holding up? >> thanks for coming and today has been all about yields moving down after a bit higher. we were over 350 and it shows you we shaved about 10 beats on the week. we had auctions and the older, the monmori you made. the two-year is a 101. it's virt yulely unchanged. >> well done, rick. well done. you heard bob talking about that. nasdaq is a negative territory and we are weak. 2-1 declining stocks are advancing this. dell started it all yesterday and it was better than expected. intel carried it on
Aug 25, 2009 4:00pm EDT
of america and merrill lynch you. might recall ta both sides along with the sec i should say, the sides being bank of america and the sec providing submissions to judge overseeing this case yesterday. the judge overseeing this says that monday's submissions raised a few additional issues about the case. essentially the judge has a couple of questions specifically for bank of america and wants to know more specifics why the bank will spend $33 million to settle with the sec without admitting or denying wrongdoing if the proxy statement was not false or misleading, including whether it settled to curry favor with the sec. essentially when both sides, the sec and b of a submitted filings, they say that they relied on outside counsel to create the proxy statement. and rakeoff essentially says it is at war with common sense for a corporate officer who produced a proxy statement to say he relied on counsel and if the company does not waive privilege, meaning attorney/client, then the officer and council's culpability are beyond scrutiny. ray cough essentially ordering both the sec and bank of ameri
Aug 3, 2009 8:00pm EDT
. countdown and ignition and before the real liftoff has begun. what if america is stronger than the doubters would have us believe? more innovators, more adaptable than even president obama believes we are. michael darta is a believer, he put out a note today saying the new ism manufacturing numbers that came in and lifted the markets, they promise the economy will grow better than 3% next year, that would be half gain higher than wall street expects. 3% growth in gdp would be more than $400 billion in extra economic activity next year, and the stock market is is the ultimate leading indicator. today surged up past that 1,000 mark closing at 1,002 and change. the nasdaq cracked the 2,000 mark jumping 30 points to 2008. and the dow jones fired off another nice triple digit gain up 115 points or so to close up near 9,300. dow 10,000? here we come. now a couple of recovery killers loom. factors that could render us tax americana. and they boil down to this. obama-care, obama tax increases, obama anti-capitalist rage.. but for now, this summer rally is for real. what happened today?y? what does
Aug 7, 2009 3:00pm EDT
and a half, 2 billion 2:00.5 billion shares a day. same with bank of america. no conversion there but their stock has been terrific. goldman sachs. notice weakness, with other financials strong. maybe they're selling goldman to buy other financials. that's one theory. how about the transports? your other great cyclical group here. you look at the railroads, you look at ryder, you look at anything in this group. continental air did have a secondary and it was weak early on but that stock had big price swings today. it was down around $11. it's moving up here. 2% to 8% gains in all the transports. the transport sector is the leader so far this week. our team is covering the markets right around -- we've got all the bases covered. let's go to my friend mike huckman standing by at the nasdaq first. mike? >> thanks, bob. we are off the very poetic 2,009, 2,010 level we hit. but we're still hanging up around 2,000. we actually still have a few earnings stories to talk about here that are moving a handful of stocks here on the nasdaq and in a big way. for example, graphic chipmaker
Aug 13, 2009 3:00pm EDT
behavior, period. obesity is a problem in america and will continue to grow. not sure what the solution is, but a tax to the general population will not solve anything but the pocket of the u.s. treasury who can't seem to ever close the checkbook." we got a lot from you. a lot of people talking about the sugar lobby, something we'll tackle on another show. in the meantime final hour of trade coming with "the closing bell." >>> a successful 30-year auction briefly brings stocks to new highs. we faded a bit since then wp we're entering the final and most important hour of the trading day right now. welcome to "the closing bell," everybody. i'm bob pisani down on the floor of the new york stock exchange. hello, michelle. >> hi, bob, good to see you, i'm michelle caruso-cabrera in for maria bartiromo at cnbc global headquarters. right now the dow jones industrial average is lower by a 4r89 more than ten points. 9,351. the nasdaq pretty indecisive trade there as well, higher by nearly two points, sitting right now on the 2,000 mark. the s&p 500 pretty indecisive day but let's see as we go into
Aug 14, 2009 5:00pm EDT
. a big show tonight. we'll show you a correction next week. and later a company that's helping america and its profits recover from giant job losses, and breaking all night, new holdings from warren buffett and george soros and other investment whales that you may not believe. what we may find. >>> a word from the street, a nice rebound from the session lows. what was that? a technical bounce there? >> i think there were late guys coming in to cover shorts and it was working for them. nail biting. i think people were watching 992 and guys were expecting a sloppy monday if we broke that. today's recovery was i think encouraging. i don't think any of the pullbacks are going to be that steep. i've been saying that and i think the data today should not be, you know, i think empasized from the consumer side, i think the consumer confidence number is -- the consumer is out of work and strapped for cash, but i think the number reacted to walmart. >> each pullback may not be steep, but you can have the case of dying by a thousand paper cuts. >> it was about technical battling fundamentals. las
Aug 26, 2009 4:00pm EDT
. independence is the spirit that drives america's most successful investors. announcer: trade commission free for 30 days plus get $100 cash when you open an account. >>> no big sell-off but also no rally here. bob pisani, by the way, on the floor of the new york stock exchange. excellent new home sales numbers. look what's been going on here. we've been seeing new home sales four consecutive months on the up side. existing home sales four consecutive months on the up side. case shiller home price index up two months in a row now. these are clearly numbers that indicate some kind of bottom is being put in. why isn't the market a little more impressed? maybe because we've already had a 4% rally in a month that is traditionally seasonally considered weak. august and september the two weakest months of the year back to back. traders have been trying to play the short end of this thing and they've been losing. so a lot of people have simply been capitulating to go along with the overall trade. we've got more economic numbers in a couple days. there's the bell. you know who's next, maria bartiromo
Aug 26, 2009 5:00pm EDT
the nasdaq market site, yes, in new york city, times square. welcome to america's post market show. rick santelli in for melissa lee. these are the "fast money" traders. running out of steam, deja vu all over again. this has been a hot topic. pete, do we have a definitive answer on this? >> i don't know if we can. if you really look at the volume today, the volume is extremely light. option volumes have been really very, very strong. even when we see the stock market coming down. today, option volumes once again. it's trading 15 million contracts a day. today we barely broke 10 million. so risk aversion has been sort of the topic that everybody's been talking about today. looking at the markets, when you look at the markets, there's a little bit of a rotation, maybe into some of the lower-risk style trades. they've gotten a good bang for their buck over the last year or twoxt y two. you like to look at the ranges. look at news corps, sales near 50. oih, sales near 110. people are playing these ranges, they are playing the charts and so far the charts are working. >> techs always seem to
Aug 31, 2009 4:00pm EDT
from buyover at bank of america. you did have money coming into the defensive stocks today. maria, names like proctor & gamble and general mills and merck. >> the large health care providers. johnson & johnson also better on the session. let's look at the other business headlines we're following tonight. the chicago purchasing managers index was off to a better than expected reading of 50 this month. it is actually the highest reading since last september. because of a sharp increase in new orders and production. it is signaling that business activity in the midwest is on the cusp of expansion. the semi conductor association is reporting that july chip sales were up 5.3% from june to $18.2 billion. that is the fifth month in a row of sales gains. year over year, sales still down more than 18%. california governor arnold schwarzenegger declaring a state of emergency in four of the state's counties as firefighters continue to battle massive blazes. the largest fire is just north of los angeles, which is threatening thousands of homes and has already taken the life of two firefighter
Aug 3, 2009 11:00pm EDT
to the turn in the economy. wells fargo, bank of america. two of my favorite rebound plays. especially now that cramer face sally krawcheck is back doing what she knows so well at bank of america. wealth management. i like bank of america and wells fargo so much my charitable trust owns them both. two banks, and now the oils which have taken more of a beating than a breather lately. back. back and bigger than ever with the prices of crude and natural gases soaring. not only is the dollar going down which we like and people like hard commodities when the greenback drops but because chevron is shutting in its mammoth natural gas production. that's causing natural gas to wake up from its silent but deadly slumber and at least break out to the upside. this is the kind of leadership that ain't quitting, and the oil and oil services are now ready to power higher. coming out of the best july since 1997, i think we're pretty amazing shape. no one else is saying this. i'm the only guy who says i really like it here. everybody else wants to caveat to death. i don't know. maybe
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